最新报道:According to the latest report from Glassnode, on-chain analysis shows that the market supply continues to tighten, volatility is compressed, and accumulation pressure is significant. The supply of long-term holders continues to grow, and small investors have a net increase of 19,300 BTC per month, far exceeding the monthly new issuance of 13,400 BTC. In addition, about 19% of the circulating supply is concentrated within the spot price ±10%, indicating that the market is sensitive to short-term price fluctuations. In terms of ETFs, the total asset management scale of US Bitcoin spot ETFs reached a new high of US$137 billion, accounting for 6.4% of the total market value of Bitcoin. Among them, BlackRock's IBIT occupies 55% of the market share and has become a dominant force. Its cost benchmark is close to the market average and active investor prices, further strengthening the impact of ETFs on market psychology and price discovery. The report pointed out that although the inflow of ETFs has slowed slightly recently, the long-term trend remains strong, indicating that institutional demand is robust. The market is facing supply tightening and volatility accumulation, and may usher in significant price fluctuations.